MPowered Mortgages has reduced its 3-year fixed mortgage rates despite a background of rising swap rates.
For new purchase customers, 3-year fixed rates for customers paying a 35% deposit have been cut to 3.93% paying a £999 fee.
Those with a 20% deposit benefit from a new fixed rate of 4.25% paying a £999 fee.
3-year fixed rates for remortgage customers have also been cut across most loan-to-value (LTV) bands.
The new rates will be effective from 9.00am on Monday, 2nd June.
Peter Stimson, director of mortgages at MPowered Mortgages, said: “Our 3-year fixed rates offer exceptional value in the market at present.
“Whilst many other lenders have been increasing rates in response to rising swaps and have been effectively playing ‘catch up’, we have chosen to price our products closer to the swap curve which has allowed us to make further cuts to our mortgage fixed rate range.
“We feel 3-year products offer a good choice for many customers, not only in terms of offering some great rates, but also in terms of offering customers a real alternative for those caught between the uncertainty of choosing a 2- or 5-year product.”
He added: “Swaps are still volatile and there is no guarantee how long current deals will be around, so you may need to act fast if you want to secure a deal at today’s rates.
“We would urge borrowers to always speak to a broker first before deciding on a mortgage deal especially during this period of uncertainty.”
